New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-01-31
MONEY AND BUSINESS.

The stcadlncsS OF the market during inc last
week in spite OF unfavoIablc influences l. talked
about quite as much n 1t deserves to be. The
fact is not to lie disrcgardcd that lower prices
have resulted, and for reasons 30 sufficient thai
il is by many considered encouraging that the
depression has not been greater. Selling 10y
European holders Of securities had an obvious
influence on the rate Of exchange AT times last
week, and the prophetic assurance that there is
to bc no more Of it has the same weight that II
had one week or two weeks ago. Whether it
was caused more by rumois Of war in Europe
or by dislike Of the Interstate Commerce bill
is matter about which opinions differ. Coupled
with this cauee Of rise in exchange there has
been serious interruption Of exports on account
OF the strike, and the natural effect has been q
decline in the price Of wheat. 1t is the opinion
of bankers that exports. of gold to n moderate
amount will do no harm, and the accumulation
Of unemployed gold is rising rapidly, while the
rate Of interest obtained il no loagcr ~ salts
factory as it was during the later half Of Last
year.
The explanations given Of these phenomena.
as usual, are apt TO be colorcd by favortc the
cries. Assurance that the President will sign
the Interstate Commerce bill no doubt innu-
cnced some lenders of money and some holders
Of stocks, and the idea that considerable block 3,
Of stocks came into the market from strong
boxes of important railroad men last week need
not he dcrided as entirely groundlc<s, for it re-
mains true on the other hand, that other I'M
portant holders and managers think the bill
must be 80 construed by the courts as 10 do no
harm. 1t il also true that business is not in
all particulars as active or hopeful as il was two
months ago. but il is not clear that it halts. a.
financial journal represents, because the rail-
road bill has alarmed merchants or manufact-
urers. According to reports, railway companies
are planning to build 1900 miles Of new road
this year, against 5000 built last wear: whether
the plans will lie carried ont will naturally de.
pend somewhat upon the future condition Of
the markets. Tonnage movements at present
indicate that the volume Of tralc is n LARGE
as ever at this season, and exchanges of interior
clearing houses, being the largest ever known
in January, point i'll the same direction. But
shipments and exchanges both refer in pa,t 70
transactions ranging from one TO six months
ago, and current prices do not show a present
demand for all important materials of ministry
as great as recently existed.
Inc IRON market certainly does hOwovcr
Pig iron is now quoted at So, rails at $50 and
refined bar at So 3. The official statement IN
"Tbo Bulletin Of the Iron and Steel Asa
citation shows that, Notwithstanding tbc outnrt
of iron in 1886 reached G,3GG,6ss tons Of
1000 pounds, an increase Of more than dn nor
cent over 1885, nevertheless the stocks Of n;c
on hand December 81 were 1877 COS tons Icss
than at the beginning Of the year. Rut tbc
demand for wool, except for certain qualities,
does not seem so urgent as it wa, heavy auct;on
sales of woollcns having resulted in unsatis-
factory prices. Cotton is not quite rs biob nc
it was carly in January, though print cloths
advanced during the last week and many makes
Of cotton goods. Oil declined nearly cent.
lead Is cents per 100 pounds, and the large sale
of copper by the Calumet and Hccla al | / cents
has elected all sorts of explanations. Lard was
little weaker, though pork was steady and
hogs shade dearcr. Butter declined though
cheese and eggs advanced and coffee gained an
eighth. Coal statistics show that in 1886 there